Nevada Sunrise Closes Final Tranche of $400,000 Private Placement
Nevada Sunrise Closes Final Tranche of
$400,000 Private Placement
/NOT FOR DISSEMINATION IN
THE UNITED STATES
OR TO
UNITED STATES
NEWSWIRE
SERVICES/
TSX Venture Exchange: NEV
VANCOUVER, BC
,
Feb. 26, 2021
/CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or
the "Company") (TSXV: NEV) announced today that it has closed the second and final tranche of its
non-brokered private placement as announced on
February 1, 2021
and
February 12, 2021
of
4,000,000 units (the "Units") at a price of
$0.10
per Unit for gross proceeds of
$400,000
(the
"Offering"). Each Unit consists of one common share of the Company (a "Share") and one-half of
one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to
purchase an additional common share (a "Warrant Share") at an exercise price of
$0.16
per Warrant
Share for a period expiring two years following the closing dates of the Offering.
Nevada Sunrise placed 2,922,000 Units in the first tranche and 1,078,000 Units in the second
tranche of the Offering. In connection with closing the Offering, the Company paid finder's fees of
7% cash totaling
$9,170
and issued 91,700 finder's warrants (each a "Finder's Warrant")
representing 7% of the Units placed by the finders. Each Finder's Warrant will entitle the holder
thereof to purchase one common share in Nevada Sunrise at a price of
$0.16
per common share,
exercisable for a period expiring two years following the closing date of the Offering.
All securities issued in the first and second tranches of the Offering are subject to a four-month hold
period, with the first tranche hold period expiring on
June 13, 2021
, and the second tranche hold
period expiring on
June 27, 2021
, during which time the securities may not be traded. The securities
described herein have not been registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in
the United States
unless registered under the Act or unless an
exemption from registration is available. Closing of the Offering is subject to final acceptance of the
TSX Venture Exchange.
Proceeds from the Offering will be used to fund exploration of the Company's precious metals,
copper and lithium properties in
Nevada
, and for general working capital.
About Nevada Sunrise
Nevada Sunrise is a junior mineral exploration company with a strong technical team based in
Vancouver, BC
,
Canada
, that holds interests in gold, copper, cobalt and lithium exploration projects
located in the
State of Nevada, USA
.
The Company's key gold asset is a 20% interest in a joint venture with New Placer Dome Gold
Corp. (TSXV: NGLD) at the Kinsley Mountain Gold Project ("Kinsley Mountain") near
Wendover
where an extensive drilling program concluded in late
November 2020
.
Kinsley Mountain
is a Carlin-style gold project hosting a National Instrument 43-101 ("N.I. 43-101")
compliant gold resource consisting of
418,000 indicated ounces of gold grading 2.63
grams/tonne ("g/t") gold (4.95 million tonnes), and 117,000 inferred ounces of gold averaging
1.51 g/t gold (2.44 million tonnes), at cut-off grades ranging from 0.2 to 2.0 g/t gold
1
.
1
Technical Report and updated estimate of mineral resources on the Kinsley Project, Elko County, Nevada, U.S.A., effective January 15, 2020 and prepared by Michael M.
Gustin, Ph.D., CPG, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA under New Placer Dome Gold Corp.'s Issuer Profile on SEDAR (
www.sedar.com
).
Nevada Sunrise has right to earn a 100% interest in the Coronado VMS Project, located
approximately 48 kilometers (30 miles) southeast of
Winnemucca
. The Company owns a 15%
interest in the historic Lovelock Cobalt Mine and the Treasure Box copper property, each located
approximately 150 kilometers (100 miles) east of
Reno
, with Global Energy Metals Corp. (TSXV:
GEMC) holding an 85% participating interest. Nevada Sunrise owns 100% interests in the Jackson
Wash and Gemini lithium projects, both of which are located in
Esmeralda County
. The Company
owns Nevada water right Permit 44411, located within the Clayton Valley basin near Silver Peak,
Nevada
, and water right Permit 86863 in the Lida Valley basin.
Website:
http://www.nevadasunrise.ca
FORWARD LOOKING STATEMENTS
This release may contain forward-
looking statements. Forward-looking statements are statements
that are not historical facts and are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and
include disclosure of anticipated exploration activities. Although the Company believes the
expectations expressed in such forward-
looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual results may differ materially
from those in forward looking statements. Forward-
looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date such statements were made.
The Company expressly disclaims any intention or obligation to update or revise any
forward-
looking statements whether as a result of new information, future events or otherwise.
Such factors include, among others, risks related to the interpretation and actual results of
historical exploration at its mineral exploration properties, reliance on technical information
provided by third parties on any of our exploration properties, including access to historical
information on its properties, current exploration and development activities; changes in project
parameters as plans continue to be refined; current economic conditions; future prices of
commodities; possible variations in grade or recovery rates; failure of equipment or processes to
operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of
the mining industry; delays in obtaining governmental approvals, financing or in the completion of
exploration, as well as those factors discussed in the section entitled "Risk Factors" in the
Company's Management Discussion and Analysis for the Year Ended
September 30
, 2020, which
is available under Company's SEDAR profile at
www.sedar.com
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of
accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been
registered under the United States Securities Act of 1933, as amended, and may not be
offered or sold within
the United States
or to the account or benefit of any U.S. person.
SOURCE
Nevada Sunrise Gold Corporation
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For further information:
Warren Stanyer, President and Chief Executive Officer; Telephone: (604)
428-8028, Facsimile: (604) 684-9365; email: [email protected]
CO: Nevada Sunrise Gold Corporation
CNW 16:57e 26-FEB-21